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Pension wealth 'more important' than health

13 March 2010 / by Andy Davies

Nearly three quarters of Brits believe that being financially secure when they retire is the key ingredient to a happy retirement, according to a survey by the National Association of Pension Funds (NAPF).

Voted more important than good health, 71 per cent of working Brits claim being financially secure will make them happy in retirement, compared to 69 per cent who said being in good health was of most importance.

Around half said being able to travel would make them happy in their later years, while 45 per cent think being surrounded by family and friends will provide the greatest joy.

Commenting, Joanne Segars, chief executive at the NAPF said: "In the retirement happiness stakes, wealth edges ahead of health because it lays the foundation for future life after work."

However, despite pension wealth being of high importance to many Brits, the NAPF has revealed that two in three people are not confident that their pension fund will provide them with this desired financial security.

Women in particular appear to be the most concerned about retiring, as four out of five said they are not confident that their pension will fund their retirement, while research from Defaqto suggests that only 21 per cent of women are currently saving for their retirement.

Acknowledging that many Brits have doubts as to whether their pension fund will be sufficient to fund their old age, Mr Segars added: "The challenge for the next decade is closing the gap between what people want in retirement and how confident they are in getting it, even more so for women."